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Obama to Congress: The Time For Immediate Action on Fiscal Cliff is Now

Bear Trax Wrote: Dec 29, 2012 10:57 AM
Since the republicans know Obama will blame them anyhow, what's the incentive to kick the can down the road once again? The congress passed a bill known as 'sequestration' in August to try and satisfy the bond rating agencies that 110 billion dollars in cuts would accompany the new 4,300 billion in new debt, in august. Who are we fooling here? As of monday the 4,300 billion is all gone, and acording to some government watchers, 3,000 billion of it is unaccounted for. Maybe it's time for a little accountability. "Stop the presses."

So how did the last-ditch fiscal cliff meeting go this afternoon? Not great. President Obama again put forth the scaled-back version of the proposal he pitched last week.

A source familiar with the meeting told CNBC that Obama was not making a new offer; just laying out what he thinks can pass the House and Senate. That includes keeping the tax cut for those making up to $250,000 and an extension of unemployment insurance for 2 million people. He will then ask the participants what they are willing to support, and if they don't have a counterproposal that...